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Alpha Financial Markets Consulting (AFM) investor relations material
Alpha Financial Markets Consulting H2 23/24 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered resilient performance in a more competitive global consulting market, achieving net fee income growth across all regions on a constant currency basis.
Maintained consistent consultant day rates and a strong pipeline, though average utilisation was lower, recovering to near target by year-end.
Selective hiring in key growth areas, with 15 experienced directors added, and successful launch of insurance consulting in North America.
Completed bolt-on acquisition of Shoreline, consolidating APAC presence and adding 36 new client relationships.
Announced a recommended cash offer from Bridgepoint for 505 pence per share to acquire Alpha.
Financial highlights
Net fee income grew 2.8% to £233.6m (FY 23: £227.2m), mainly organically and 4.8% in constant currency.
Gross profit declined 2.6% to £78.3m (FY 23: £80.4m), reflecting lower consultant utilisation and selective investment.
Adjusted EBITDA decreased 9.5% to £42.2m (FY 23: £46.6m), with margin at 18.0% (FY 23: 20.5%).
Adjusted EPS fell 14.9% to 24.90p (FY 23: 29.27p); total dividend per share was 3.70p (FY 23: 14.20p).
Net cash at year-end was £29.4m, with a fully undrawn £50.0m revolving credit facility.
Outlook and guidance
Near-term market uncertainty persists as consulting supply and demand rebalance, but consultant utilisation and sales wins improved in Q4 and into early FY 25.
Long-term growth drivers remain robust, with ambitions to double the business by 2028.
Strong balance sheet and ongoing acquisition opportunities support future growth.
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